Laurion Capital Management LP Invests $696,000 in Sonoco Products Co (SON) Stock
Laurion Capital Management LP bought a new stake in shares of Sonoco Products Co (NYSE:SON) in the first quarter, HoldingsChannel reports. The institutional investor bought 11,319 shares of the industrial products company’s stock, valued at approximately $696,000.
A number of other hedge funds have also made changes to their positions in SON. Rehmann Capital Advisory Group lifted its holdings in shares of Sonoco Products by 40.5% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,137 shares of the industrial products company’s stock worth $60,000 after acquiring an additional 328 shares during the last quarter. Rowland & Co. Investment Counsel ADV grew its holdings in Sonoco Products by 48.5% in the 1st quarter. Rowland & Co. Investment Counsel ADV now owns 60,469 shares of the industrial products company’s stock valued at $3,721,000 after buying an additional 19,749 shares during the period. Two Sigma Advisers LP grew its holdings in Sonoco Products by 94.2% in the 4th quarter. Two Sigma Advisers LP now owns 35,400 shares of the industrial products company’s stock valued at $1,881,000 after buying an additional 17,176 shares during the period. Pratt Collard Advisory Partners LLC purchased a new stake in Sonoco Products in the 1st quarter valued at about $229,000. Finally, Geode Capital Management LLC grew its holdings in Sonoco Products by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 984,079 shares of the industrial products company’s stock valued at $52,284,000 after buying an additional 61,583 shares during the period. 73.54% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on SON. Wells Fargo & Co set a $58.00 price objective on Sonoco Products and gave the company a “hold” rating in a research note on Monday, April 22nd. KeyCorp reaffirmed a “hold” rating on shares of Sonoco Products in a research note on Sunday, April 21st. Vertical Research lowered Sonoco Products from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. Finally, Argus raised Sonoco Products from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Wednesday, April 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. Sonoco Products presently has a consensus rating of “Hold” and a consensus target price of $59.40.
Sonoco Products (NYSE:SON) last released its quarterly earnings data on Thursday, April 18th. The industrial products company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.37 billion. Sonoco Products had a return on equity of 19.57% and a net margin of 5.76%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 EPS. Sell-side analysts expect that Sonoco Products Co will post 3.58 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Stockholders of record on Friday, May 10th will be paid a $0.43 dividend. This is a positive change from Sonoco Products’s previous quarterly dividend of $0.41. This represents a $1.72 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Thursday, May 9th. Sonoco Products’s payout ratio is currently 51.04%.
In related news, SVP Kevin P. Mahoney sold 1,119 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $59.57, for a total transaction of $66,658.83. Following the transaction, the senior vice president now directly owns 2,295 shares of the company’s stock, valued at approximately $136,713.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Roger P. Schrum sold 812 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $62.25, for a total value of $50,547.00. Following the transaction, the vice president now directly owns 7,938 shares in the company, valued at $494,140.50. The disclosure for this sale can be found here. Insiders sold a total of 13,500 shares of company stock worth $825,196 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.
Sonoco Products Profile
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia, and Asia. The company operates through four segments: Consumer Packaging, Display and Packaging, Paper and Industrial Converted Products, and Protective Solutions. The Consumer Packaging segment offers composite and thermoformed plastic round and shaped rigid containers and trays; extruded and injection-molded plastic products; printed flexible packaging products; brand artwork management; and metal and peelable membrane ends and closures.
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